D'Aguilar Moves to Drive Gas Assets
D'Aguilar Gold Ltd, the diversified resource company generator has finalised plans to list its unconventional gas subsidiary Armour Energy. D'Aguilar expects Armour to be marketing in November and trading before Christmas of this year.
The AU$75m IPO is jointly managed by JP Morgan Australia and Deutsche Bank.
Armour is exploring an area in the Northern Territory and Northern Queensland as big as the United Kingdom and covering the same extent as the prolific Barnett shale in Texas for shale gas and conventional gas.
Boasting elements of the team that conceived Arrow Energy, Armour is employing the successful precedent of shale gas technology transfers from the USA to unleash the potential of the Macarthur, Georgina and south Nicholson Basins. On just two of the granted tenements Armour is targeting approximately 20TCF of recoverable gas reserves plus 2-3 billion barrels of liquids.
The shale gas strategy in this area brings competition and strategic advantages of proximity to potential port sites and markets combined with low population densities and the likely absence of aquifiers.
Armour has already raised $AU14m in seed capital, including $AU4m from Och Ziff Capital.
Key appointments have been made to the Armour Energy team.
Mr Roland Sleeman has been appointed Non-Executive Director. Mr Sleeman previously held the position of Chief Financial Officer of Eastern Star Gas, a northern New South Wales coal seam methane explorer. Eastern Star Gas was taken over by Santos for AU$924m. Mr Sleeman will add extremely valuable financial skills and commercial input.
Dr Ray Johnson has been appointed Exploration and Production Manager. Dr Johnson previously worked for British Gas where he was an advisor regarding coal seam gas hub technology. His focus at Armour will be on well production and development through to completion and reservoir modelling.
Mr Roger Cressey has been appointed Infrastructure and Development Manager. Mr Cressey has a long history in gas field pipeline infrastructure most recently with OSD pipelines, which will prove immensely relevant to many of Armour's projects, especially the Macarthur Basin gas project development in the Northern Territory.
These three new members to the Armour Energy team have been attracted by Armour's great petroleum prospects, management's track record and the approach to exploring and developing these prospects.
Armour�s great petroleum prospects and Armour�s approach to exploring and developing these prospects.
As Armour continues its path towards listing and developing its assets, further executive appointments are expected to be made.
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Carlie Rogers Jessica Sier
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